Archive for the ‘refor’ Category

American Workers, Businesses Cut Back; Obama Launches Spending Spree

March 6, 2009

It seems ironic in this desperately weak global economy, that as workers and businesses cut back, the Obama Administration has launched a world class spending spree.

To investors and Wall Street, the problem isn’t irony but deep doubt and the fear of even worse economic times ahead.

Most Americans now say the U.S. government could go bankrupt.

Most Americans Now Say America Could Go Bankrupt

But the president has now seen his stimulus passed, with about $1 trillion in new spending and interest on the debt.  He also offers to overhaul an entire raft of ills he sees: energy, education, health care, banks and their lending, people hurt b bad mortgage deals, and the lest goes on and on.

The only thing we know for sure about the Obama proposed health care reform is this: it will cost hundreds of billions (and probably trillions of dollars), it will be formulated largely by the same people who wrote the stimulus, and, according to the President of the United States, it will not add one cent to the U.S. debt.  In fact, the president says, reforming health care will lead to a more robust economy!

If Barack Obama owned a small business undergoing an audit; the auditors would recommend immediate bankruptcy, a sell off of all assets, and for Obama and other “business leaders” like Barney Frank and Christopher Dodd to seek other lines of work as they await trial for cooking the books.

See:
Unemployment Highest Since 1983; Business Leaders Have No Confidence in Obama Economic Plan, Team

The American economy is dead: and the Obama recovery plan calls for an endless stream of new government spending to get us all out of this hole.

My grandfather, who was a foundation digger in the 1920s, used to tell me: when you are in a hole this big, put down your shovel….

Related:
Presidency of Fear

Obama’s Brazen Deception: Why The Stock Market Won’t Recover Soon

 Senate Halts Obama Spending; At Least For The Week End

 Obama plan to prevent foreclosures won’t help many California homeowners

“People that create American wealth are going on strike”

 Geithner’s Hand Picked Deputy at Treasury Drops Out

Europeans Deplore Huge Debts, Spending to Solve Current Economic Crisis

January 8, 2009

The head of Europe‘s biggest economy said Thursday that world leaders should be looking at the massive U.S. deficit and other economic imbalances, not just problems caused by financial markets, as they debate a new global order.

Speaking at a conference in Paris on the future of capitalism, German Chancellor Angela Merkel singled out the American budget deficit and China‘s current account surplus — the difference between exports and imports — as problems upsetting the global economy.

“We would be making an error if we were content to look solely at financial markets,” she said.

She deplored huge debts that governments are accumulating to spend their way out of the present crisis. But she said she recognized, for the moment, that “there is no other possibility.”

By EMMA VANDORE and GREG KELLER, AP Business Writers

French President Nicolas Sarkozy delivers a speech at the symposium ... 
French President Nicolas Sarkozy delivers a speech at the symposium ‘New World, New Capitalism’ in Paris Thursday Jan. 8, 2009. Sarkozy and former British prime minister Tony Blair host a conference on the financial crisis focusing on values and development. Sarkozy has hit out at financial speculators for having ‘perverted’ capitalism, which he said Thursday should be overhauled with a new role for governments and moral values.(AP Photo/Philippe Wojazer/Pool)

A Congressional Budget Office report estimates that the U.S. federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year — and that is before President-elect Barack Obama’s sweeping stimulus package is calculated. European governments have agreed to be flexible about budget rules that limit deficits to 3 percent of gross domestic product as recession bites.

Merkel said the International Monetary Fund has not managed to regulate global capitalism, and she called for the creation of an economy body at the United Nations, similar to the Security Council, to judge government policy.

French President Nicolas Sarkozy, leading the two-day conference with former British Prime Minister Tony Blair, blamed financial speculators for encouraging a system fueled on debt. He called financial capitalism based on speculation “an immoral system” that has “perverted the logic of capitalism.”

“It’s a system where wealth goes to the wealthy, where work is devalued, where production is devalued, where entrepreneurial spirit is devalued,” he said.

 

Read the rest:
http://news.yahoo.com/s/ap/20090108/
ap_on_bi_ge/eu_france_new_capitalism